'Abundance' of stability, transparency make US an attractive investment destination: Birla

Mumbai, Jun 3 (PTI) The United States offers an "abundance" of stability and transparency, which makes the world's largest economy an attractive investment destination for the Aditya Birla Group, a top official from the Indian conglomerate has said.

Kumar Mangalam Birla said the group chaired by him has invested USD 15 billion in the US over the last 17 years, making it the biggest Indian investor in the country.

"I think what people like us in the industry look for is stability. And what we look for is transparency. And I think those are factors that we find in great abundance here in the US, which makes it a very attractive destination for investment for us," Chairman of the USD 65 billion group said.

Birla made the remarks speaking at a ceremony in Washington DC on Monday, after being bestowed with the Global Leadership Award by the US-India Strategic Partnership Forum (USISPF).

The remarks come amid major shifts in the US policies, specially on the trade front, since the inauguration of Donald Trump as the US President, which has rocked world trade and led to a multitude of concerns globally.

Birla said globalisation must lead to shared prosperity, and is not a zero-sum game, pointing out that his group's commitments go beyond infusing capital to include a focus on investing in people, communities, and in long-term impact.

He said the group employs over 5,400 people in the US, majorly in aluminium maker Novelis, which contributes USD 18 billion of revenues.

The group's largest greenfield investment bet anywhere is a USD 4.1 billion integrated aluminium rolling mill spread over 3,000 acres at Bay Minette, Alabama, Birla said, terming the US as a land of opportunity.

"We chose America because we believe in the strength, stability, and promise of this nation," Birla said.

At present, over 1,000 contractors are working on the project, and the number is set to double by the end of the year, Birla said, adding that the plant will create 1,000 permanent jobs.

Birla said the US and India are the two most dynamic economies in the world, and "perma-bets or permanent bets" for the Aditya Birla Group.

India is rapidly shifting from an informal to a formal economy, Birla said, stressing that this transition has helped the group invest in the paints business, where it has put up six plants.

He also welcomed the Indian government's economic policies for being consistent, and added that the administration is "open".

Other awardees who were honoured at the event include Arvind Krishna, chairman, CEO and President, of IBM and Hitachi's executive chairman Toshiaki Higashihara, as per a statement. PTI AA DR